Reinsurers breathe a sigh of relief as the House of Lords ends a year of uncertainty for the interpretation of "back-to-back" contracts - but have the Law Lords simply stored up more trouble for the future? 

On the day that the House of Lords brought down the curtain on centuries of judicial law-making, the Law Lords also emphatically overturned the decision of the Court of Appeal in the case of Wasa & AGF -v- Lexington and ended another long-running legal saga - with significant implications for the London reinsurance market.

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